*Price Reduced*Investment - Commercial Restaurant & Residential Property in Southampton City Centre's sought after Oxford Street
The property occupies a mid-terrace position and is arranged over basement, ground, first, second and third floors. The property is of brick construction with a single story extension to the rear. The commercial restaurant property is arranged to provide an open plan area for 38 customers and trade kitchen at ground floor and WCs at basement.
The restaurant is let on a 10 yr lease to Max’s Deli Ltd at a passing rent of £15,900 per annum commencing 23rd December 2014 expiring on 22nd December 2024. Rent reviews are to open market every 3 years with the next in December 2023. The business is not affected. The rooms are let on ASTs generating approximately £23,220 per annum (fully let).
Tenure & Price
Freehold guide price reduced to £600,000 reflecting a Net Initial Yield of 6.21% with scope to improve yield to 6.86% should ERV be achieved . Yields assume standard purchaser's costs.
We understand the ground floor benefits from Class E Use and the upper floors benefit from C3 Use Class. We understand the property is not listed and is located in the Oxford Street conservation area.